If you are new to Forex and commodity trading you may have heard that it is now possible to trade without actually ‘learning to trade’. There are several copytrading platforms that allow you to copy other trader’s trades automatically.
eToro’s scheduled launch for their latest copytrading product Copy.Me, was late last year although to date it hasn’t materialised. I was assured by an eToro representative the other day that the Copy.Me platform is still in development, and has definitely not been shelved. I’ve grabbed the ‘pre launch video’, which you can watch below, and it does give hints as to how the new product will be different.
Ease of use is one selling point, ‘simplicity’ being eToro’s U.S.P. (Unique Selling Point), and here it would appear to take the form of how easily you can select a trader and fund your account to follow them. They mention selecting ‘Gurus’, who are eToro’s traders with a proven track record of good trading performance. Perhaps the platform will only display ‘gurus’, as at the moment there are many traders to copy and a lot of them are copiers themselves. IMO, copying traders who copy others themselves is not such a bad thing, as despite the marketing spiel, the process of copying other traders is a minor art itself if you want some good ROI.
Unless there is a lot more functionality than the OpenBook/CopyTrader platform, the whole project may just be a re-branding exercise, that is designed to appeal to cash rich folks who are looking for an easy access ‘money printing machine’. Even if the platform has more advanced filters than the current one, I’ll eat my hat if eToro have actually come up with a win-win scenario. (There are other platforms out there with more in depth performance data, and some people are still losing money on them because they don’t spend enough time looking in depth at the stats).
However, as the launch has been delayed, perhaps they are coming up with something a bit ‘extra’ – if you have any ideas as to what that might be let us know in the comments below, or if you have any suggestions as to what you think they should be adding add a comment – you never know, they may be listening!
If in the meantime, if you are new to copying Forex and commodities traders, and Forex trading, you may want to consider opening up an account at eToro, demo or live, or maybe head on over to Zulutrade and do the same, or, even better, open an account at both, and see who you get on best with. If you open a CopyTrader account with eToro, you will probably get the same as Copy.Me anyway, and at least you’ll be have enough familiarity with the current trading platform to make the move to Copy.Me a smooth one when it does launch. If you are after an account with a bit more control over lot sizes (i.e. your ‘stake’), then head over to Zulutrade and check out their demo.
(If trading Guru Santiwoshtari see the video above she be a bit miffed at being referred to as ‘him’).